The Owner's Equity of Logan's Company Is Equal to One-Half

question 58

Multiple Choice

The Owner's Equity of Logan's Company is equal to one-half of the total assets.Liabilities equal $40,000.What is the amount of Owner's Equity?

• A)$20,000
• B)$40,000
• C)$30,000
• D)None of these answers is correct.

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Definitions:

Social Security

A government program that provides financial assistance to people with inadequate or no income, especially the elderly, disabled, and families with dependent children.